Prime Medicine, Inc. (NASDAQ:PRME) Receives $7.65 Consensus Target Price from Analysts

Shares of Prime Medicine, Inc. (NASDAQ:PRME) have received an average recommendation of “Moderate Buy” from the six ratings firms that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $7.65.

A number of analysts have recently issued reports on PRME shares. Lifesci Capital raised shares of Prime Medicine to a “strong-buy” rating in a report on Monday, March 2nd. Wall Street Zen downgraded shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 13th. Finally, Oppenheimer started coverage on shares of Prime Medicine in a report on Thursday, March 12th. They set an “outperform” rating and a $11.00 price objective for the company.

Prime Medicine Price Performance

Shares of NASDAQ:PRME opened at $2.97 on Wednesday. The firm has a fifty day moving average price of $3.45 and a two-hundred day moving average price of $3.69. Prime Medicine has a one year low of $1.18 and a one year high of $6.94. The company has a market cap of $536.44 million, a price-to-earnings ratio of -2.41 and a beta of 2.35.

Prime Medicine (NASDAQ:PRME) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. The firm had revenue of $0.86 million during the quarter. Equities research analysts expect that Prime Medicine will post -0.98 EPS for the current fiscal year.

Institutional Trading of Prime Medicine

Hedge funds have recently made changes to their positions in the stock. Creative Planning purchased a new position in Prime Medicine in the 2nd quarter worth $25,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Prime Medicine in the 4th quarter worth $31,000. Royal Bank of Canada raised its position in Prime Medicine by 89.3% in the 1st quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock worth $32,000 after purchasing an additional 4,365 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in Prime Medicine in the 4th quarter worth $33,000. Finally, Glen Eagle Advisors LLC purchased a new position in Prime Medicine in the 4th quarter worth $35,000. 70.37% of the stock is owned by institutional investors.

Prime Medicine Company Profile

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.